Let’s hurry up then, here’s a rough schedule, of how this can work out:
First, please make a proposal for a full amount of MNGO locked for 5 years as well as USDC budget for 6-12 months the DAO should vote on (i’ll handle the technical bits, just need you to write here on the forum). Transparency is key to getting the DAO to buy into this deal. Hence I believe it will help to break down the amount of MNGO roughly into the following categories:
- Tommy, how much voting share do you claim, you should have a strong influence in the DAO going forward
- Team, how much share do they get? Here are some reference numbers for cash vs voting power tradeoffs offered: Big Compensation Round future team growth should be paid for from DAO treasury
- Service Providers like market makers, quid pro quo. Who does what and how much MNGO do they get.
- Investors, biggest question: how much ROI on their initial contribution do they get? Needs to stay below (3,3) rates. Long term planning VCs should agree to a 5 year vesting and market rate conversion, this is a great opportunity to acquire a size-able MNGO position without buying on the open market.
- If people were only interested in a quick flip on the token sale, that’s fine, we all know the game, but let’s return their funds + bespoke ROI in cash. Please find out how much budget you need ASAP, I already made potential buyers aware of the opportunity to buy in size at market rate yesterday. Alternatively the DAO could pay out from it’s USDC treasury, all depends on the size.
I would also appreciate a verbal commitment to execute on your current roadmap, and lead the effort of developing a design by Q2/22 as well as execute it by Q3/22 to effectively cross-margin psy options strategies with positions on mango’s perpetual future order books. Which is still in active development by the current core-contributors of the DAO and we really don’t want to slow down on it as there’s a huge opportunity to compete with dydx head on head without expanding scope towards options.
Next, we should host a community call on our discord to have people ask final questions to you and the team. We had the last call like that before the token sale, this is an equally important milestone. I’d like to propose 5PM UTC on Friday.
Lastly, the vote. It’s unfortunate, but we can’t vote on locked tokens right now and it’s slowing us down. So here’s the compromise, we will setup a new 2/3 multi-sig with the following holders:
- Tommy Johnson
- Sebastian Bor (solana labs’ governance lead, who can verify that everything is setup correctly and arbitrage disputes)
We will have all related votes transfer MNGO into this multi-sig. They will stay there until ckds (whose MNGO will also be in the multi-sig) finishes the program for locked MNGO voting (discussion is here Discord).
The multi-sig holders bind themselves to act in good faith and transfer the funds at the appropriate time. The funds will not be moved before to avoid any extra overhead, hope everyone understands, that we want to build products and not waste time moving funds around, knowing that it adds a bit of uncertainty and cliff to everyone’s vesting.
The locked token program is still in development, but here’s a quick spec:
- token grants vest linearly in monthly increments
- token grant vesting can be optionally frozen at will of the DAO, we will enable this for compensation / service grants. don’t think it makes sense for your investors but definitely for contributors.
- vested tokens need to be voluntarily locked again to retain vote weight, this applies to the current holder of unlocked MNGO
Always keep in mind, even if you work for the DAO, no one can stop you from forking and launching your own token. So this is all soft power, we do need to work hard and steer the ship towards a shared goal. I’m super stoked and looking forward to set sails together.